We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Motgage help
plain_words
Posts: 4 Newbie
Hello
This is my 1st post, so please keep with me. I think what I'm about to describe is pretty complex, at least in my little brain it is anyway.
Right
Me and my boyfriend have a £105k mortgage that we obtained in the glory days of 100% mortgages. The mortgage is currently on a flat we own in Manchester city centre.
We now have a baby and my mum and dad own a house outright in the 'burbs which they rent out. We decided to move into this house (we desperately needed the space and living in the city centre was ideal with a new born) last year and we really want to stay there.
Are you still with me?
OK, so my mum and dad have offered to sell the house to us for about £80k. They assumed that it would be a straight forward sign it over to us and then we obtain a mortgage for £80k to pay them.
Well, to put it bluntly, I have a really bad credit rating which has all happened in the last couple of years due to me losing my job etc. I'm now back on track, but obviously this won't show on my credit rating.
What are the chances of my boyfriend and I being able to retain our flat to rent out on a buy to let mortgage and then obtaining a mortgage for £80k on a house that would be signed over to me?
Alternatively, if we sold the flat could we just transfer our current mortgage with HSBC to the house we wish to purchase?
I hope this makes sense. I earn £20k doing 4 days a week and my boyfriend earns roughly £22k as a teacher.
This is my 1st post, so please keep with me. I think what I'm about to describe is pretty complex, at least in my little brain it is anyway.
Right
Me and my boyfriend have a £105k mortgage that we obtained in the glory days of 100% mortgages. The mortgage is currently on a flat we own in Manchester city centre.
We now have a baby and my mum and dad own a house outright in the 'burbs which they rent out. We decided to move into this house (we desperately needed the space and living in the city centre was ideal with a new born) last year and we really want to stay there.
Are you still with me?
OK, so my mum and dad have offered to sell the house to us for about £80k. They assumed that it would be a straight forward sign it over to us and then we obtain a mortgage for £80k to pay them.
Well, to put it bluntly, I have a really bad credit rating which has all happened in the last couple of years due to me losing my job etc. I'm now back on track, but obviously this won't show on my credit rating.
What are the chances of my boyfriend and I being able to retain our flat to rent out on a buy to let mortgage and then obtaining a mortgage for £80k on a house that would be signed over to me?
Alternatively, if we sold the flat could we just transfer our current mortgage with HSBC to the house we wish to purchase?
I hope this makes sense. I earn £20k doing 4 days a week and my boyfriend earns roughly £22k as a teacher.
0
Comments
-
plain_words wrote: ». I think what I'm about to describe is pretty complex, at least in my little brain it is anyway.
Its not only you that thinks its complex, i really do not know the best solution for you, i do not think you would get a mortgage due to the bad credit rating, but i may be wrong, if your boyfriend applys, then maybe 3 times his salary plus one of yours.
I really do not think you will get any definate answers on the board and should speak directly with the company which you have the current mortgage with.
Sorry, not much help, except brought you back to front page.0 -
Quote: OK, so my mum and dad have offered to sell the house to us for about £80k. They assumed that it would be a straight forward sign it over to us and then we obtain a mortgage for £80k to pay them
No 100% mortgages available........0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards